Pharmaceutical Drug Launches – Something Needs to Change

By Manish Sharma, CEO, TikaMobile

I came across this great article by Bain & Company, How to Make Your Drug Launch a Success, that had an alarming statistic: “Our research shows that nearly 50% of launches over the past eight years have underperformed analyst expectations, and more than 25% have failed to reach even 50% of external revenue forecasts.” We’re in the midst of a sea change in the life sciences industry and it’s being driven by a few trends, which include:

  • Competition is fierce. The Bain & Company article points out that, “the average window of time in which a drug remains on the market before competing products arrive has fallen to four years, down from eight years.”
  • Decision makers continue to shift. This includes the fact that some purchasing decisions now require multiple decision makers.
  • The industry is moving quickly. Information is getting stale faster than ever.

The Bain & Company article goes on to give some great advice for drug launches, which includes creating “broad customer advocacy via a superior customer experience,” “organizing drug launch as a micro-battle,” and creating a reliable feedback loop between frontline field sales reps and home office teams.

How can pharma companies adopt these practices? We’ve all heard the famous quote attributed to Albert Einstein: “The definition of insanity is doing the same thing over and over again and expecting different results.” Something needs to change.

As you develop a new launch strategy, question everything. The answer to the question, “Why do we do it that way?” should never be, “Because that’s the way we’ve always done it.” Everything needs to be questioned in order to uncover problem areas and root causes, and to then create a stellar product launch strategy.

For many organizations, a big challenge is getting people to work together. How can you break silos and get people to communicate better and work together? Many times, it comes down to incentives. Are the groups and people in your organization incentivized to execute on your latest and greatest product launch strategy? Or do their incentives keep them tethered to legacy processes? Once you develop your winning launch strategy, you must work on aligning everyone to it.

The right technology can drive this alignment. The life sciences industry has spent significantly on sales enablement technology, but those technologies tend to focus on satisfying regulatory requirements and otherwise just forcing reps to capture activities. They don’t provide the reps with any real value, they don’t unite the broader organization and they don’t increase the capacity of pharma companies to successfully execute their strategies.

The industry has been using the proverbial square peg to fit into the round hole. As we can see, it’s not working because the statistics for drug launches keep getting worse and worse.

At Tika, we are reimagining how a sales enablement program should operate and we designed our technology to work hand-in-hand with that vision. As the Bain article points out, we strive to help our clients provide a superior customer experience. One of our key focal points is providing the sales rep with the most updated information available  – critical, timely, actionable business intelligence imported from multiple sources into our single platform. And we line that intelligence up with their accounts, targets, Key Opinion Leaders (KOLs), and other stakeholders. This information allows sales reps to be more prepared and also to make better decisions and become more strategic with their use of time. We have created something that’s different from most CRM tools, which are one-way streets – the reps just relunctantly and begrudgingly logging their activities.

This brings us to another important element that we factor in: the feedback loop. Our platform captures information from the reps – and also from other commercial silos – and shares it with the appropriate people and teams in real-time. Tika also creates alerts for follow-up actions for anyone using the app. Everyone stays connected and communicates better – in real-time – which results in better customer service and more revenue.

We also factor in people in the home office – Sales Managers, Marketing, Medical Affairs, Training, Market Access, etc. Managers receive more real-time information about their reps, including where the trouble spots are. They can better coach their reps and make more accurate forecasts based on their activity and feedback.

For Marketing, we made it easier to share the right materials with sales reps and managers. And we made it easier for Marketing to receive feedback, which can be used to adjust positioning, messaging, collateral, etc. We must continue to break down the silos and share intelligence to drive the overall corporate strategy.

Lastly, we knew that we needed to make the tool visually appealing, interactive and easy-to-use. People need to want to use it, and they’ll want to use it if they gain benefit from it (i.e., all of the actionable information and business intelligence I previously discussed) and if it’s easy to use. There’s nothing worse than investing in a sales enablement tool that gets under-utilized. This is a big problem area in the industry. We addressed this with a mobile-first and user-friendly design. So much is available and accomplished through a swipe of the finger. Our clients’ average utilization rate is 92%.

This is the future. A new strategic approach and better sales enablement technology to address these drug launch issues that we’re seeing in the life science industry. Let’s stop the insanity. Let’s make it easier for field sales reps, sales managers, Marketing, Market Access, Training, Medical Affairs, and everyone on the drug launch team to provide that superior customer experience and execute a reimagined drug launch strategy.

Reimagine drug launch

Reimagine your drug launch strategy.

 

Insights from MedForce 2018

Insights from MedForce 2018
By Manish Sharma, CEO, TikaMobile

TikaMobile participated in MedForce 2018 in Boston, MA. I was Chairperson for day 1 of the conference, kicking off the proceedings with a keynote presentation and then facilitating various discussions. Throughout the conference, the TikaMobile team met with marketing and sales executives from America’s leading medical device companies, as well as pharma companies to network, collaborate, and learn from one another’s experiences.

Here are a handful of the points that we discussed and the key takeaways we gathered from some of the summit’s speakers, such as Jay Graves, Neil Gomes, Nick Ruth, Jim Yearick, Mary Beth Moynihan, Jeff Sullivan, Terry Coutsolioutsos and Kasia Hein-Peters:

  1. You must see the future in order to compete — reimagining is essential. 
    1. If you do not anticipate future changes to the life sciences industry, you will fall behind the curve. We are all aware of the problems that exist in the industry, but what are the effective and innovative solutions to address them? Companies must think about what a new commercialization model should look like and how to enable collaboration between different silos within the organization in order to establish positive change.
  2. Every successful movement requires not only a leader, but also impactful initial followers.
    1. Being a visionary is vital, but that alone it is not enough. When creating a vision for your company, you must construct a change management plan to support and drive your vision. Build bridges, create win-win scenarios, incentivize people and bring them on board to achieve the mission. In doing so, lasting advancements will prevail.
  3.  Create a differentiated product strategy based on life cycles.
    1. The medical device industry needs to think like technology companies and understand where the product is in its lifecycle. Getting an innovative therapy to standard of care is a process. Expansion should only be done when the time is right.
  4. Patient-centricity leads to innovation.
    1. We try never to forget that medicine is for the people. It is not for the profits. The profits follow, and if we have remembered that, they have never failed to appear.” — George Merck. Innovation must provide an added value to both the company and its customers. Profit will automatically follow.
  5. Change management is difficult but it is vital to survival.
    1. Change management is difficult as current incentives are aligned to maintain the status quo. At least sixty five percent of managers need to be onboard for a new plan to succeed. It is crucial that your company initiates and implements change as soon as problems arise. Instituting change is challenging, as it requires time, resources and the willingness to change across the entirety of the company. However, it is imperative to be innovative and to take advantage of available resources now so that the company doesn’t find itself playing catch-up later.
  6. Sales teams need to focus on value.
    1. The top performing sales teams strive to add value to the system. Most traditional teams with core performers focus only on relationships. Recent independent research showed top performers have a clear purpose, utilize data, anticipate any barriers they may face and are constantly learning.  Focusing on value is what separates top performers from core performers, and teams with top performers operate more efficiently and effectively.
  7. Align commercial model changes with lifecycle.
    1. Intense competition is leading to commoditization but new models have to be found in order to articulate the value of the product. Changes in reimbursement patterns and more focus on patient pay models, while a challenge, are also opportunities. As companies are exploring new patient pay models, some medical device companies have successfully explored strategies to charge more for a premium patient experience with spectacular results.

These key takeaways must be incorporated into companies’ strategy plans in order to pave the way for future success.

Innovation

TikaMobile: Precision Tools for Smarter Life Sciences Sales

In the wake of rising consumer demand, the life sciences sector today represents an ever-evolving ecosystem of new, as well as existing pharmaceutical and medical device products that create competitive pressures and leave sales representatives and entire organizations struggling to successfully position and differentiate their offerings. Legacy systems, silos, and processes that many life sciences companies contend with present barriers in the face of fast-paced changes and market trends buffeting the industry. The explosion of data has exacerbated the problem even more.
2018 Award

To see the full article from CIO Review, click here

MedForce Summit

June 25-26, 2018

TikaMobile is excited to announce that we’ve sponsored the MedForce Summit, the sales and marketing conference for the medical device industry, in Boston, MA, June 25-26, 2018.

Manish Sharma, Founder & CEO of TikaMobile, served as Chairperson for Day One of the event – Sales and Marketing Collaboration Day: Addressing Commercial Model Changes.

For more information feel free to contact us at info@tikamobile.com.

When and Where?

When: June 25-26, 2018
Where: Omni Parker House, Boston, MA
RSVP: events@tikamobile.com

TikaMobile Strengthens its Security and Confidentiality Credentials by Renewing its SOC2 Certification

New York, NY, JUNE 6, 2018 (GLOBE NEWSWIRE) – TikaMobile, the premier leader in cloud-based business intelligence and CRM software for the global life sciences industry, is proud to announce their SOC2 certification and report release for TikaMobile Online and mobile device platforms. As Tika continues to grow in North America and expand its global footprint throughout Europe, Asia and Australia, they remain focused on ensuring that their technology and platforms meet the highest levels of security and confidentiality.

On March 15, 2018, the independent 3rd party cybersecurity and compliance firm, A-lign, released the affirmative report evaluating TikaMobile’s overview of operations, including business policies and practices. In addition, TikaMobile worked with MainNerve, another 3rd party cybersecurity firm, to perform penetration testing in search of any critical or high-rated security vulnerabilities within their internal and external infrastructure. After extensive testing and auditing, MainNerve concluded that the company’s internal and external networks are well configured and, as a result, the overall risk posed to TikaMobile is Low.

TikaMobile’s high-performance data centers are located worldwide and utilize Amazon Web Services (AWS) for hosting services, leveraging built-in physical and network security, as well as monitoring and reporting tools provided by Amazon.

“We are at the forefront of driving innovations in CRM, business intelligence and advanced analytics for life sciences sales teams,” said Manish Sharma, CEO and founder of TikaMobile, Inc. “The 3rd party evaluations and the SOC2 certification further demonstrate our commitment to the security of our customers’ data in TikaMobile’s cloud technology solutions as we continue to break down the silos within organizations and boost collaboration and efficiency.”

SOC2 reports are internal control reports on the services provided by a service organization relevant to security, availability, processing integrity, confidentiality and privacy. An organization can earn SOC2 certification and a SOC2 report after a 3rd party assesses them against predefined benchmarks. The report is then made available to any interested party, such as existing or potential customers. To request TikaMobile’s SOC2 report, or if you have any questions regarding the technology and its certifications, please email info@tikamobile.com.

About TikaMobile, Inc.
TikaMobile, Inc. is the premier leader in cloud-based business intelligence and CRM software for the global life sciences industry. By combining many disparate sales and marketing tools into a single easy-to-use application, while applying prescriptive, actionable analytics across the commercial organization, Tika is transforming and optimizing sales organizations for pharmaceutical and medical device companies. Tika is committed to innovation, product excellence, and customer success and works with organizations of all sizes. Headquartered in New York City, Tika has offices in the United States, Europe and India. For more information, visit www.TikaMobile.com.

Contact:
Tony Bowden, TikaMobile, Inc.
(646) 650-5545 | tbowden@tikamobile.com

 

TikaMobile Debuts New Analytics for Medical Science Liaisons

RTInsights

By Sue Walsh

TikaMSL is designed for Medical Science Liaisons to enable them to generate real-time business intelligence and help them maintain doctor relationships.

Scientist using a microscope

Cloud-based analytics, business intelligence and CRM software provider TikaMobile announced the launch of TikaMSL, a new analytics-based CRM platform for Medical Science Liaisons (MSL). The new platform is designed to give MSL’s the real-time BI they need to maintain their relationships with physician and other opinion leaders in the medical field.

TikaMSL offers connectivity to third-party data sources to give MSLs the ability to generate deeper insights into the medical market and make better decisions about which opinion leaders should be prioritized. It’s also designed to let them know about open medical requests such as a doctor interested in the use of a drug for off-label use.

TikaMSL includes a Clinical Asset Management Portal that provides industry reports, news, clinical studies and other key resources MSL’s need to stay up to date and on target. MSL team managers can access team KPI activities and Electronic Medical Information Request Form status and automate reports.

“TikaMobile is proud to launch TikaMSL to provide MSLs with an essential tool that will make them smarter in the field, empower them to be more strategic with their KOL interactions and enable them to share the vital information that they collect with the rest of their organization in a fully compliant manner,” said Manish Sharma, CEO and founder of TikaMobile. “MSLs are critical to the success of their organizations and they need the right tools to thrive. TikaMSL takes them out of the dark by providing them with an abundance of business intelligence which they can use to form and maintain strong relationships with their KOLs and be more strategic with their customer interactions.”

About Sue Walsh

Sue Walsh is a freelance writer and social media manager living in New York City. Her specialties include tech, security and e-commerce. You can follow her on Twitter at @girlfridaygeek.

Learn More About TikaMSL

 

 

TikaMobile Selected by TherapeuticsMD as Business Intelligence Platform Provider

TikaMobile, Inc. a cloud-based analytics and CRM technology company for the life sciences industry, today announced that it was selected to be the business intelligence reporting platform for the TherapeuticsMD sales force in preparation for the potential launch of TherapeuticsMD’s TX-004HR drug candidate, if approved. TherapeuticsMD intends to leverage TikaMobile’s powerful and user-friendly proprietary analytics platform to empower its sales force with data and provide leadership with up-to-date information to assess sales performance and make strategic decisions with speed and accuracy.

Mitchell Krassan, Chief Performance Officer at TherapeuticsMD, said, “We needed a scalable and easy-to-use sales solution that provides our sales force with data driven, actionable insights necessary for the successful launch of our first drug candidate, if approved. A successful drug launch requires real-time insights that help to quickly identify opportunities and focus information on the critical steps to drive our business initiatives. We feel that the TikaPharma platform is the perfect solution to deliver this intelligence in a user-friendly experience.”

“We are excited to work and collaborate with the TherapeuticsMD team to drive best practices through their sales team using our powerful, user-friendly technology and analytics platform,” said Manish Sharma, CEO of TikaMobile. “Pharmaceutical and biotech companies recognize the urgency to attain a competitive level of analytical sophistication and are turning to Tika as a proven cloud technology provider to gain that edge. Our vision is to work with life sciences companies to optimize their sales productivity and drive revenue by providing real time, on-demand access to business intelligence as well as interactive, actionable analytics through our powerful and easy-to-use platform.”

“We understand the day-in-the-life of the sales rep and we designed TikaMobile to be the one cohesive best-in-class business intelligence tool that brings together everything the sales rep needs to be more productive and successful in the field,” said Rob Thomas, VP of Sales & Marketing at TikaMobile.

About TikaMobile, Inc.
TikaMobile, Inc. is the premier leader in cloud-based business intelligence and CRM sales enablement software for the global life sciences industry. By combining many disparate sales and marketing tools into a single easy-to-use application, while applying prescriptive, actionable analytics across the commercial organization, Tika is transforming and optimizing sales organizations for pharmaceutical and medical device companies. Tika is committed to innovation, product excellence, and customer success and works with organizations of all sizes. Headquartered in New York City, Tika has offices in the United States, Europe and India. For more information, visit www.TikaMobile.com.

About TherapeuticsMD
TherapeuticsMD, Inc. is an innovative healthcare company focused on developing and commercializing products exclusively for women. With its SYMBODA™ technology, TherapeuticsMD is developing advanced hormone therapy pharmaceutical products to enable delivery of bio-identical hormones through a variety of dosage forms and administration routes. The Company’s late stage clinical pipeline includes two product candidates that have completed phase 3 trials and are awaiting approval by the FDA: TX-001HR for treatment of moderate-to-severe vasomotor symptoms (VMS) due to menopause and TX-004HR for treatment of moderate-to-severe vaginal pain during sexual intercourse (dyspareunia), a symptom of vulvar and vaginal atrophy (VVA) due to menopause. The Company also manufactures and distributes branded and generic prescription prenatal vitamins under the vitaMedMD® and BocaGreenMD® brands.

Contact:
TikaMobile, Inc.
Robert Thomas
(646) 650-5545
rthomas@tikamobile.com

TherapeuticsMD, Inc.
David DeLucia
Director, Investor Relations
561-961-1900
David.DeLucia@TherapeuticsMD.com

TikaMobile Launches TikaMSL, an Innovative Analytics CRM Platform for Medical Science Liaisons Designed to Drive Key Opinion Leader Development

New York, NY, April 30, 2018 (GLOBE NEWSWIRE) — TikaMobile, Inc., a cloud-based analytics and CRM software company focused on the life sciences industry, today announced the addition of TikaMSL to its suite of business intelligence, CRM and analytics products. Designed specifically for Medical Science Liaisons (MSLs), TikaMSL provides timely, critical business intelligence that enables MSLs to form and maintain strong, strategic relationships with influential physicians and other Key Opinion Leaders (KOLs).

TikaMSL keeps MSLs informed through its connectivity to third-party data sources, allowing MSLs to gain more insights about the market landscape and empowering them to be more strategic about which opinion leaders to target and prioritize. The platform also has a unique alerting capability to let MSLs and Medical Affairs teams know about open medical requests, such as a physician requesting information about a drug for an off-label use. The Clinical Asset Management Portal within TikaMSL allows Medical Affairs, Marketing and other stakeholders to equip MSLs with everything they need to be successful, including the most up-to- date clinical studies, industry reports, news, thought leadership material, and key messages.

Managers of MSL teams have access through TikaMSL to advanced and interactive analytics on items such as team KPI activities and Electronic Medical Information Request Form (eMIRF) status, and can also automate many of their reports. This information enables managers to better understand what’s happening in the field, be more strategic, keep their team informed and create a powerful feedback loop with the information that MSLs gather about KOLs and other influential stakeholders.

Like other TikaMobile products, TikaMSL is fast and provides a great user experience, which encourages frequent utilization. MSLs and their managers can access the platform on all major mobile devices, as well as desktops. In addition, TikaMSL aggregates information from multiple sources, taking away the need to fumble between multiple office apps and spreadsheets for information. TikaMSL achieves all of this for MSLs and their organizations while keeping the necessary barriers in place and remaining fully compliant.

“TikaMobile is proud to launch TikaMSL to provide MSLs with an essential tool that will make them smarter in the field, empower them to be more strategic with their KOL interactions and enable them to share the vital information that they collect with the rest of their organization in a fully compliant manner,” said Manish Sharma, CEO and founder of TikaMobile. “MSLs are critical to the success of their organizations and they need the right tools to thrive. TikaMSL takes them out of the dark by providing them with an abundance of business intelligence which they can use to form and maintain strong relationships with their KOLs and be more strategic with their customer interactions.”

TikaMobile’s suite of life sciences business intelligence, CRM and advanced analytics cloud software tools also includes TikaPharma and TikaDevice. TikaPharma is the CRM and business intelligence tool designed specifically for pharma sales reps to drive more productivity, closed sales and revenue. TikaDevice is the real-time analytics platform purpose-built to increase medical device sales.

Learn More About TikaMSL

 

About TikaMobile, Inc.
TikaMobile, Inc. is the premier leader in cloud-based business intelligence and CRM sales enablement software for the global life sciences industry. By combining many disparate sales and marketing tools into a single easy-to-use application, while applying prescriptive, actionable analytics across the commercial organization, Tika is transforming and optimizing sales organizations for pharmaceutical and medical device companies. Tika is committed to innovation, product excellence, and customer success and works with organizations of all sizes. Headquartered in New York City, Tika has offices in the United States, Europe and India. For more information, visit www.Tikamobile.com.

Contact:
902 Broadway | 6 th Floor | New York, NY 10010
(646) 650-5545 | info@TikaMobile.com
www.TikaMobile.com

 

SOLC 2018

June 6, 2018

TikaMobile is excited to announce that we’ve sponsored the Sales Operations Leadership Council (SOLC) Spring Partner Forum in Bridgewater, NJ, that took place on June 6, 2018.

The SOLC provides sales operations leaders in emerging life sciences companies a forum for sharing ideas, challenges and best practices to measure and improve sales and marketing effectiveness.

The Partner Forum is an exclusive annual event which offers select industry vendors the opportunity to interact with SOLC members in an intimate, engaging environment.

For more information feel free to contact us at info@tikamobile.com.

When and Where?

When: June 6, 2018

Where: Bridgewater Marriott. 700 Commons Way, Bridgewater, NJ 08807.  Booth #17.

RSVP: events@tikamobile.com

Medtech 2018

May 31, 2018

TikaMobile is proud to have been a sponsor of Medtech 2018 in Minneapolis, MN.

In its 17th year, the Medtech Conference, formerly known as the Medtech Investing Conference, brought together investors, executives, and entrepreneurs from across the US and around the world. The tightly packed, daylong event centers on the primary forces that make medtech work. Panels covered critical issues facing start-ups including valuations, financing, business models, reimbursement, and exit opportunities.